AM Best Affirms Credit Ratings of BNY Trade Insurance, Ltd. and The Hamilton Insurance Corp.
June 06 2023 - 3:17PM
Business Wire
AM Best has affirmed the Financial Strength Rating of A
(Excellent) and the Long-Term Issuer Credit Ratings of “a+”
(Excellent) of BNY Trade Insurance, Ltd. (BNY Trade) (Hamilton,
Bermuda) and The Hamilton Insurance Corp. (Hamilton) (Melville,
NY). The outlook of these Credit Ratings (ratings) is stable.
The ratings of BNY Trade reflect its balance sheet strength,
which AM Best assesses as strongest, as well as its strong
operating performance, neutral business profile and appropriate
enterprise risk management (ERM). The ratings of Hamilton reflect
its balance sheet strength, which AM Best assesses as very strong,
as well as its adequate operating performance, neutral business
profile and appropriate ERM.
BNY Trade and Hamilton are single-parent captives of their
ultimate parent, The Bank of New York Mellon Corporation (BNY
Mellon) [NYSE: BK], a leading global financial services company. In
their roles as single-parent captives, both companies provide
comprehensive reinsurance coverage and products to their
parent.
BNY Trade’s balance sheet strength is assessed as strongest, and
is supported by risk-adjusted capitalization at the strongest
level, as measured by Best’s Capital Adequacy Ratio (BCAR),
excellent liquidity measures and consistent surplus growth during
the last five-year period, driven by organic growth. The operating
performance assessment of strong reflects the company’s favorable
combined ratio driven by excellent loss history and low expense
structure. Hamilton’s balance sheet strength assessment of very
strong is supported by risk-adjusted capitalization at the very
strong level, as measured by BCAR, and strong liquidity measures
exceeding industry composite averages. In addition, the company
benefits from the financial flexibility and support provided by BNY
Mellon. BNY Trade and Hamilton also benefit from their parent’s
robust, enterprise–wide policies and procedures in the areas of
risk management, resiliency, corporate governance, compliance and
ethics.
AM Best remains the leading rating agency of alternative risk
transfer entities, with more than 200 such vehicles rated in the
United States and throughout the world. For current Best’s Credit
Ratings and independent data on the captive and alternative risk
transfer insurance market, please visit
www.ambest.com/captive.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2023 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Chul Lee Senior Financial Analyst +1 908 439
2200, ext. 5036 chul.lee@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Fred Eslami Associate Director +1 908 439 2200,
ext. 5406 fred.eslami@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 439 2200, ext. 5098 al.slavin@ambest.com
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